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Discussion Forum : News and Current Events : US default could be disastrous choice for economy

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 US default could be disastrous choice for economy


WASHINGTON (AP) — The United States has never defaulted on its debt and Democrats and Republicans say they don't want it to happen now. But with partisan acrimony running at fever pitch, and Democrats and Republicans so far apart on how to tame the deficit, the unthinkable is suddenly being pondered.
The government now borrows about 42 cents of every dollar it spends. Imagine that one day soon, the borrowing slams up against the current debt limit ceiling of $14.3 trillion and Congress fails to raise it. The damage would ripple across the entire economy, eventually affecting nearly every American, and rocking global markets in the process.

A default would come if the government actually failed to fulfill a financial obligation, including repaying a loan or interest on that loan. The government borrows mostly by selling bonds to individuals and governments, with a promise to pay back the amount ...

read more: http://www.google.com/hostednews/ap/article/ALeqM5jirYFVwn0fcyqiz-3xpL9N3TZL0w?docId=4d28a118fd5146c190bbef2e2c4b9ab3


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SI Moderator - Greg Gordon

 2011/4/25 9:05Profile
Earendel
Member



Joined: 2009/3/17
Posts: 308
Central Alberta, Canada

 Re: US default could be disastrous choice for economy

IMF bombshell: Age of America nears end

By Brett Arends, MarketWatch

BOSTON (MarketWatch) — The International Monetary Fund has just dropped a bombshell, and nobody noticed.

For the first time, the international organization has set a date for the moment when the “Age of America” will end and the U.S. economy will be overtaken by that of China.

And it’s a lot closer than you may think.

According to the latest IMF official forecasts, China’s economy will surpass that of America in real terms in 2016 — just five years from now.

Put that in your calendar....


...Most people aren’t prepared for this. They aren’t even aware it’s that close.

Read more: http://www.marketwatch.com/story/imf-bombshell-age-of-america-about-to-end-2011-04-25?link=MW_home_latest_news


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David

 2011/4/25 10:55Profile
MrBillPro
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Joined: 2005/2/24
Posts: 3316
Texas

 Re:

This is all Biblical,I will never ride the fear train,I rest in this scripture,my God shall supply all my needs according to his riches in glory by Christ Jesus.


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Bill

 2011/4/25 11:15Profile





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